Shofco Sacco posts strong growth in loans, deposits in 2025

The cooperative’s loan book grew by 23 per cent to Ksh.633.4 million, up from the previous year, reflecting increased borrowing by members to support businesses, education and household needs.

The Sacco reported a net surplus of Ksh.25.88 million in 2025, compared to Ksh.22.11 million in 2024, representing a 17 per cent increase. Total revenue rose to Ksh.107.69 million from Ksh.99.35 million, largely supported by higher interest income from member loans.

Shofco Sacco chairman Dr Kennedy Odede attributed the growth to rising credit demand and the Sacco’s expansion into new markets.

“Across our communities, members are using affordable credit to grow businesses, keep their children in school and stabilise their households,” Odede said during the Sacco’s 9th Annual Delegates Meeting held in Kibera.

Total assets increased by 28 per cent to Ksh.848.6 million in 2025, up from Ksh.662.8 million the previous year.

Members’ deposits rose sharply to Ksh.563.6 million, compared to Ksh.362.8 million in 2024, representing a 55 per cent increase. Share capital also grew to Ksh.115.5 million from Ksh.74.19 million during the same period.

Shofco Sacco General Manager Victor Owiti said the increase in deposits reflects growing member confidence and expanded outreach.

“The growth in deposits shows that members increasingly view the Sacco as a reliable financial partner,” Owiti said.

He added that Sacco has strengthened its lending processes and digital platforms to manage rising demand for credit and improve service delivery.

Membership increased to more than 41,000, supported by recruitment drives and the opening of new branches in areas including Kakamega and Nairobi’s Eastlands.

Nairobi County Chief Officer for Cooperatives George Mutiso, who attended the meeting as chief guest, said the Sacco’s growth demonstrates the role of cooperative societies in expanding access to finance for grassroots entrepreneurs.

“When members access credit to invest in businesses, education and livelihoods, it stimulates economic activity within communities,” Mutiso said.

Shofco Sacco plans to continue expanding its branch network and digital services as it seeks to meet growing demand for financial services in underserved areas.